Tavan Tolgoi definition
Examples of Tavan Tolgoi in a sentence
As of the date hereof the Company has completed the mining operations at the Tavan Tolgoi deposit equivalent to MNT 20.3 billion (approximately $8.1 million) as set out in the agreement with Erdenes.
As at December 31, 2016, the Company had performed mining operations consisting of drilling and blasting of rock mass, stripping and loading topsoil, selective excavation and loading coal, and creating overburden stockpiles at the Tavan Tolgoi deposit equivalent to MNT 5.2 billion (approximately $2.1 million).
In May 2016, Resolution No.258 of the Government of Mongolia (“Resolution 258”) was issued, which approved the Company’s proposal to settle the Tax Penalty (as defined and described under “Governmental and Regulatory Investigations” in section “Regulatory Issues and Contingencies”) by making a series of cash payments and by performing mining operations at the Tavan Tolgoi deposit in Southern Mongolia on behalf of ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ JSC (“Erdenes”), a company owned by the Government of Mongolia.
In compliance with the Resolution 258, in November 2016, the Company entered into an agreement with Erdenes under which the Company agreed to perform certain mining operations equivalent to Mongolian Tugrik (“MNT”) 20.3 billion (approximately $8.1 million) in the West Tsankhi section of the Tavan Tolgoi deposit during the period from November 2016 to February 2017.
The working assumptions for the credit enhancement mechanism is currently contemplated to be made available at TRQ level, however the extent of the possible support from TRQ or any related entity will be subject to negotiation with the prospective investors and lenders of the Tavan Tolgoi Power Plant Project.